.

Friday morning selling orders poured in from frightened small holders,
and when their demands had been satisfied the "syndicated conspirators"
put the screws on just as I expected. They also circulated an alleged
authorised interview with an official of the N.O. & G. forecasting the
passing of the regular semi-annual dividend.

Had I not been acquainted with the plans of these quotation wreckers I
should have been seriously alarmed.

When the tape recorded a sale at 70 I placed an order with Morse & Davis
for 10,000 shares, and they picked it up in small lots at an average of
69. It rose slightly on Saturday, and I did nothing with it.

I have put up in margins $375,000, sufficient to protect me against a
drop of twenty-five points. I stand to lose $1,975,000, and know where I
can place my hands on the money. I anticipate that the stock will go
much lower, and have planned accordingly. My share of my lamented
father's estate is worth fully two and a half millions, and it is in
such shape that I can speedily convert it into cash. If these thieves
can get it they are welcome to it, but they will know that they have
been in a fight.

The transition from the healthy quiet of Woodvale to the feverish furore
of Wall Street was startling. At times as I stood by the ticker I could
hardly persuade myself that it was not a dream, from which I should
awake to stroll with Miss Harding across the brooks and green meadows we
both love so well.

My prolonged absence from the links created some comment, so I am told,
but no questions were asked and I volunteered no information. I have
arranged matters so that it will not be necessary to spend much of my
time in the city, unless something unexpected develops.

I have lost no sleep, but my golf this afternoon was disappointing.

I required eighty-nine for the round and lost seven golf balls to
Chilvers and Boyd. This will never do![1]

[Footnote 1: NOTE BY THE EDITOR.--From the foregoing it appears that Mr.
Smith's stock transactions up to this date have involved a net loss of
about $51,000, with a probability of a continuance of the decline during
the coming week. Under these circumstances it would seem that he
attaches undue importance to the loss of seven golf balls, which I am
informed, may be purchased at the standard price of fifty cents apiece.

Possibly this criticism may be impeached by those familiar with the
ethics and peculiarities of golf, a game of which my kn